Reason #25 Why You Need an Estate Plan

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You Mean My Rotten Relatives Will Get My Stuff?

I had a couple come into my office to discuss estate planning last week. The husband has six children and twelve grandchildren. He does not have a relationship with three kids and four grandkids. He believed that there was no way these individuals could acquire assets from his estate upon his death. Until and unless an estate plan is in place, that is simply not so!

Without an estate plan, everything defaults to Michigan intestacy (“without a will”) laws. Those laws say that the family members (heirs) who will receive your estate include, in this order: spouse, biological and adopted kids, parents, siblings, grandparents, and if no one is left, the State of Michigan. (Here’s a link to a chart to help understand how assets pass at death.) Unless an heir causes the death of the deceased, Michigan law simply does not care whether or not your relationship with certain family members is “good.”

So, if you can’t stomach certain rotten relatives sharing in your assets, you need an estate plan! To get started, call our office today at (248) 477-6300!

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